Chinese Yuan Weakens to 6.9489 against USD Wednesday

Beijing, The central parity rate of the Chinese currency renminbi, or the yuan, weakened 21 basis points to 6.9489 against the US dollar Wednesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2% from the central parity rate each trading day, according to China’s (Xinhua) News Agency.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Source: Qatar News Agency